06 :58 AM EDT, 09/19/2022 (MT Newswires) -- COSCO SHIPPING Development (HKG:2866), on Sept. 16, entered into a new management services agreement with COSCO SHIPPING Investment and its direct sole shareholder China Shipping, also a subsidiary of the company.
Under the agreement, China Shipping appointed the company to provide management services to COSCO SHIPPING Investment and the assets held directly or indirectly by China Shipping through COSCO SHIPPING Investment for an initial term of three years beginning Sept. 1 and ending on Aug. 31, 2025. The company will receive a management services fee limited by a cap of 80 million Chinese yuan ($11.4 million) per year.
The three companies, on the same day, also entered into a termination agreement to end the previous management services agreement, the current term of which was due to expire on Dec. 31.
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